No, I agree. I think that the term “equitable compensation” was used in the federal legislation, which was never proclaimed. I am not sure that it was intended to deviate sharply from the concept of pay equity. It is different terminology, but as Marie-Thérèse suggested, it depends on what you include in your definition.
The idea that you are looking at creating non-discriminatory pay practices is the essential element in both terms, if they are defined in that way.